ISU/EDC Business Incubator

presents

So You Want to Start Your Own Business? Seminar

A free community seminar for understanding the process of starting a business

Thursday, September 23rd, 7:00–8:30 P.M.
Uptown Normal Heartland Bank Community Room (4th floor)

Have you dreamed of being your own boss? Do you have a passion that could be turned into a business? Owning a business is the dream of many people – for some people this is an exciting and rewarding adventure, but for others, starting and running their own venture is a bad choice. The reality is that most businesses will be out of business in less than five years after they get started- and most of these because they failed. The sad truth of the matter is that most of these business failures can be avoided.

Kelly Mathy, owner of Kelly’s Bakery and Cafe in Bloomington, and Andy Scott, owner of Energistics: High Performance Energy Efficient Home Solutions, will discuss their experiences of starting and operating small businesses and provide insight and advice for aspiring entrepreneurs.

Space is limited: Register in advance by contacting Brooke Weishaupt at (309) 452-8437 or brooke@bnbiz.org.

The Business Incubator is a joint initiative of Illinois State University and the Economic Development Council of the Bloomington-Normal Area. The concept of the incubator is to encourage local economic development by assisting a wide variety of early-stage companies in their growth and maturity through direct assistance, consultation, mentoring/coaching and educational services.

Central Illinois business leader Larry Maschhoff has been selected to help launch the first operational phase of the McLean County Business Incubator, a joint initiative of the Economic Development Council of the Bloomington-Normal Area (EDC) and Illinois State University. Maschoff, who currently serves as chair of the EDC Board of Directors, will work part-time through the University’s department of Research and Sponsored Programs. The department has received $845,000 in federal funding for the incubator project.

“Our research indicates there is a strong market demand for a McLean County area incubator,” said EDC Chief Executive Officer Marty Vanags. “McLean County has fewer micro-businesses than average, and they are smaller than their equivalents elsewhere in the state or nation. In addition, the presence of two universities and community colleges is a strong asset, both as a potential source of expertise as well as a possible source of entrepreneurs.”

Once operational, the business incubator will serve as part of a network of business assistance programs, which will include Illinois State University-affiliated campus organizations that have economic development or research interests. Other regional and local organizations offering business services may assist clients through the incubator. The mission of the incubator is to assist aspiring entrepreneurs, existing small to medium-sized business owners and researchers with the potential to develop commercial enterprises.

Initially, Maschhoff will work as the incubator’s Business Incubator outreach manager, conducting a range of recruitment, marketing and course development activities toward a target date of delivering services beginning in September. If initial efforts confirm the need for a higher level of activity, Illinois State and the EDC will seek a facility for the incubator to provide more extensive services.

“We are very pleased that Mr. Maschhoff will join the University and work with the EDC to further develop the McLean County Business Incubator,” said Rodney Custer, associate vice president for Research, Graduate & International Studies. “His talent and long-standing knowledge of the Central Illinois business community will be a big asset as this project moves forward.”

Maschhoff currently works as a consultant, helping private businesses arrange financing and increase sales and profits. He also served as president and chief executive officer of the Bank of Illinois for 23 years.

The Economic Development Council of the Bloomington-Normal Area, in partnership with Illinois State University, is currently leading an effort to develop a small business incubator in the Bloomington-Normal area. A business incubator is a facility designed to assist businesses with becoming established and sustainable during their start-up phase. Typically, they do this by providing shared premises, business advice, business services, access to investors, markets and international networks, mentoring and a full-time hands-on management team. This business growth center will create new jobs in our community by enabling current businesses to prosper and grow and be offering qualified entrepreneurs the space, support and services for success.

The McLean County Business Incubator has been one of the projects supported by the EDC’s One Voice task force for the past three years. U.S. Sen. Dick Durbin appropriated a $250,000 Small Business Administration grant for fiscal year 2007. U.S. Rep. Tim Johnson also appropriated $100,000 to the incubator through a Housing and Urban Development grant for fiscal year 2008.

A feasibility study has been completed with the conclusion that there is a strong market in McLean County to support a mixed-use incubator. The EDC is currently in the process of securing a location for the incubator and expects it to open by the end of 2010. To learn more about the feasibility study, contact us at (309) 452-8437.